Modi needs to speed up reform process: entrepreneur

Having announced some pro-economy measures, Prime Minister Narendra Modi now needs to accelerate the pace of reforms, a leading Indian-American entrepreneur has said.
"I was expecting much more. I was expecting that in the first 100 days, he would announce a lot more initiative as far as foreign investment, infrastructure in India, road, power and water. Maybe he is taking his own time in announcing these reforms," Vinod 'Vin' Gupta, former CEO and Chairman of infoGROUP (previously infoUSA) told PTI in a recent interview.
Lauding Modi, Gupta said: "He is a great leader. He is a great orator."
He extended his support to the Prime Minister's endeavours asking him to induct youngsters and more people of his acumen in his team.

"We are willing to support him. And now he needs a few more people of his equal calibre. He needs to bring younger people as part of his team, who would be dedicated to national development," the Uttar Pradesh-born tycoon said.
He said various measures like solving tax problems and amending labour and tax legislations would create a business friendly environment and attract foreign direct investment.

"They need to solve tax problems, because a lot of companies are hesitant to go there because of labour laws, tax laws," he said.
Named after his close friends Bill and Hillary Clinton, Gupta has built two schools, including a polytechnic for women, in his native village of Rampur in Saharanpur district, UP.

To attract foreign direct investment into the country, he said, India needs to privatise a number of Public Sector Undertakings and minimise the bureaucratic hassles.
"There is a lot of bureaucracy in India. Even to give money for charitable causes, there is a lot of bureaucracy," Gupta, who is also a philanthropist, complained.
Investment in infrastructure, including in roads, power, water and sanitation were urgently required, he said, adding the private companies should invest in infra projects.
All praise for Modi's recent US visit, Gupta said that he should have invited more venture capitalists and technology people.
"Because they (India) need more private equity people, VCs (venture capitalists), more technology people who should be getting more face time with him."

Adding that his visit struck a cord with the Indian community in the US, Gupta said: "I have been here for 47 years. I have never seen such a reception and coverage for the Indian Prime Minister before."
"His coming to the US was well- received by the Indian community, the US Government and media too", he said, referring to the front-page coverage in leading US dailies, including The New York Times and The Wall Street Journal.
Though approving of Modi's meeting with Obama, Gupta wished that more in terms of joint declaration in key areas like economy and defence could have come out of the much-publicised summit.